Countrywide Financial Corp. Monday said it is expanding a program to help subprime borrowers avoid foreclosure.
Working with the Association of Community Organizations for Reform Now, or ACORN, Countrywide said it will formalize workout programs for borrowers with all types of subprime loans, not just hybrid adjustable-rate mortgages with pending rate resets.
Further, the agreement addresses home-retention options and procedures for borrowers in various stages of mortgage delinquency, not just borrowers who are current in their payments.
